Protesters carrying the Sri Lanka flag march in the Galle Face Green area of Colombo, Sri Lanka, May 17, 2022. With no end in sight to the national economic crisis that led them to take to the streets, protesters in Sri Lanka are digging in against a president they blame for crashing the economy. (Atul Loke/The New York Times)
Sri Lanka, South Asia has announced that its presidential elections will take place on September 21, according to a government notice on Friday, marking a pivotal vote that could shape the future of reforms as the country grapples with its most severe financial crisis in decades.
Candidates must submit their nominations by August 15, with current President Ranil Wickremesinghe being the first to do so by paying a non-refundable fee to the election commission, as stated by his office.
Wickremesinghe, aged 75, assumed the presidency in July 2022 following mass protests over the financial crisis, which led to his predecessor Gotabaya Rajapaksa fleeing the country and subsequently resigning. The parliament then elected Wickremesinghe to complete Rajapaksa’s remaining term, originally set to end in November 2024.
Bhavani Fonseka, a senior researcher at the Colombo-based Centre for Policy Alternatives, emphasised the significance of this election for Sri Lanka’s democracy, noting that the election commission must be allowed to conduct the vote freely and fairly.
Nearly 17 million of Sri Lanka’s 22 million residents are eligible to participate in the election. Wickremesinghe, aided by a $2.9 billion bailout from the International Monetary Fund (IMF), has managed to stabilise the economy, reducing inflation from 70% in September 2022 to 1.7% in June, strengthening the rupee, and rebuilding foreign exchange reserves.
The economy is projected to grow by 3% in 2024 after contracting by 2.3% last year and 7.3% during the peak of the crisis. Bilateral creditors, including Japan, China, and India, agreed last month to restructure $10 billion in debt, allowing Sri Lanka to defer repayments for four years and save $5 billion. However, the country still needs to finalise an agreement with bondholders to restructure $12.5 billion in debt before a third IMF review later this year.
High taxes imposed under the IMF program, persistent inflation, and a stagnant job market have pushed a quarter of the population into poverty and led thousands to emigrate. Opposition leader Sajith Premadasa and Anura Kumara Dissanayake of the Marxist-leaning Janatha Vimukthi Peramuna (JVP) plan to capitalise on this discontent in their presidential campaigns.
Both Premadasa and Dissanayake have promised to revamp the IMF program to alleviate the cost of living and ease the debt repayment burden on Sri Lankans. Analysts warn that Sri Lanka’s recovery remains fragile, and any attempts to reverse the reforms could trigger a new crisis. The next government must continue and complete these reforms to transform the economy positively.
Raynal Wickremeratne, co-head of research at Softlogic Stockbrokers, stated that the progress made so far must be maintained, as Sri Lanka cannot afford to experiment with new policies.
NANCY MBAMALU
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